As the reporting season gets underway, the market is in for a soft start with the ASX Futures coming in at -0.4 per cent.
This is despite strong performances from markets around the world. However, Wall Street dipped at the end of last week.
US stocks closed lower Friday following disappointing results from Twitter Inc. and other tech stocks with the Dow Jones Industrial Average down 76.01 points, or 0.3 per cent, to 25,451.06. The S&P 500 index was down 0.7 per cent. For the week however, the Dow was 1.6 per cent higher and the S&P 500 rose 0.6 per cent. Both the Dow and the S&P posted their fourth straight weekly gains on the back of solid corporate and economic news. This was the longest such streak since January.
On the other hand, European stocks closed the week firmer with trade concerns easing and corporates bringing positive news to the market. The UK’s FTSE closed 0.5 per cent higher, Germany’s DAX added 0.4 per cent and France’s CAC was up 0.57 per cent.
Also, the Australian share market closed the week higher. Hitting a 10-year high on the back of improved market sentiment and commodity prices, the S&P/ASX 200 index was up 14.3 points, or 0.2 per cent, this week to 6300.2.
Markets overall were buoyed by the news that the US and European Union had agreed to try and resolve their differences on trade.
In Australia, it will be the beginning of the reporting season with Rio, Janus Henderson, and Genworth reporting on Wednesday and Resmed on Friday.
CoreLogic data on Wednesday will indicate the direction of property prices.
From the Australian Bureau of Statistics, there will be the building approvals figures on Tuesday, trade balance figures on Thursday and retail trade on Friday.